Formal institutions, human development and entrepreneurship: a comparative study between highly developed countries and member countries of the pacific alliance

Main Article Content

Cesar Ignacio Leon Quillas https://orcid.org/0000-0003-4144-919X
Hector Fernando Rueda Rodriguez https://orcid.org/0000-0001-7998-0328
Carlos Hernan Gonzalez Campo https://orcid.org/0000-0003-2120-8209

Keywords

institutions, human development, economic freedom, entrepreneurship, Formal institutions

Abstract

In this paper a comparison is made between highly developed countries (Australia, United Kingdom, Canada, United States, Sweden, and Finland) and the four member countries of the Pacific Alliance (Colombia, Mexico, Peru and Chile), trying to find possible relationships between formal institutions, rate of entrepreneurship and human development. It is a descriptive-correlational scope study which uses information derived from the World Bank’s Governance Indicators (2018), the Heritage Foundation’s Index of Economic Freedom (2018), the Global Entrepreneurship Index (2018), and the United Nations Development Program’s Human Development Index (2018).It is concluded that there is a positive relationship between the quality of formal institutions and the level of human development in the countries that were compared.

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